At 9:00 am EST on Wednesday February 17, 2021, the TAAT™ e-commerce portal will launch and allow smokers aged 21+ in eligible1 U.S. states to purchase TAAT™ Original, Smooth, and Menthol by the carton. With TAAT™ products currently sold at retail throughout the state of Ohio, the Company believes that selling TAAT™ online could accelerate its entry into new markets across the United States and potentially provide valuable insights regarding the performance of TAAT™ in each new market. Moreover, online sales of TAAT™ will run concurrently with a phased nationwide retail rollout to be undertaken by CROSSMARK (who directly services over 100,000 convenience stores across the United States), which can allow for these initiatives to complement each other and maximize their collective value.
LAS VEGAS and VANCOUVER, British Columbia, Feb. 12, 2021 (GLOBE NEWSWIRE) -- TAAT™ LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTCQB: TOBAF) (FRANKFURT: 2TP2) (the “Company” or “TAAT™”) is pleased to announce that its flagship product TAAT™ will be available for purchase online by the majority of smokers aged 21+ in the United States through the Company’s e-commerce portal, which is scheduled to launch at 9:00 am EST on Wednesday February 17, 2021. Through the Company’s online shop, cartons of TAAT™ Original, Smooth, and Menthol can be purchased by smokers aged 21+ and shipped to addresses in eligible1 jurisdictions. As of December 2020, TAAT™ is available in chain and independent tobacco retailers across the state of Ohio, with successful performance to date. As announced in the Company’s January 29, 2021 press release, 60% of tobacco retailers who carried TAAT™ for three or more weeks have placed reorders for the product. In a press release dated January 12, 2021, the Company also announced that TAAT™ Menthol was the first variety to be sold out and reordered. By accelerating the availability of TAAT™ in new U.S. markets, the Company anticipates it could seed interest among smokers aged 21+ as a method of prioritizing new regions in which to distribute TAAT™ at retail. Online sales of TAAT™ are intended to complement retail placements made and managed through CROSSMARK as part of the Company’s scope of initiatives to gain market penetration in the United States.
The TAAT™ e-commerce portal can be accessed by visiting the following link and selecting the “Shop” menu item (21+ only): http://trytaat.com
Through a combination of online, in-store, and digital out-of-home campaigns targeted towards smokers aged 21+, the Company has cultivated considerable interest in TAAT™ across the United States. The Company has strategically timed the launch of the TAAT™ e-commerce portal based on predicted demand for the product outside of Ohio, as well as robust inventory levels of TAAT™ and its Beyond Tobacco™ base material as the Company continues to increase its production capacity. The Company believes that by launching the TAAT™ e-commerce portal on Wednesday, it could capitalize on recent shifts in consumer behaviour caused by the COVID-19 pandemic, which have led to more routine purchases being made online as opposed to in-store. Based on data from the U.S. Census Bureau, e-commerce retail sales in the United States amounted to USD $209.5 billion in Q3 2020, representing 14.3% of total retail sales of USD $1.469 trillion for the quarter, compared to a proportion of 11.2% (USD $153.2 billion) in Q3 20192. Moreover, data from IBM’s U.S. Retail Index suggests that the COVID-19 pandemic accelerated the shift away from physical stores to digital shopping by roughly five years3.
The Company has undertaken extensive development work on the TAAT™ online store, which began in Q4 2020. Key considerations in planning the online store included layout optimization for desktop, tablet, and mobile web browsers, as well as the implementation of mechanisms to confirm that visitors are at least 21 years of age.
To view Picture 1 accompanying this release please visit:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b50b1106-8c08-4610-aa06-9d67cd88738a
The TAAT™ online store will be launching on Wednesday February 17, 2021 at http://trytaat.com, where smokers aged 21+ in eligible1 jurisdictions will be able to purchase cartons of TAAT™ Original, Smooth, and Menthol
Readers using news aggregation services may be unable to view the media above. Please access SEDAR or the Investor Relations section of the Company’s website for a version of this press release containing all published media.
The Company’s estimations have concluded that based on the smoking incidence rates in each of the jurisdictions in which TAAT™ can be purchased online, the TAAT™ online store stands to avail the product to the majority of smokers aged 21+ in the United States, including Ohio where TAAT™ is currently sold at retail. Insights gathered from online sales of TAAT™ through the Company’s e-commerce portal could prove useful in shaping near-term launch initiatives in new markets. With retail distribution rollouts of TAAT™ in other U.S. states planned to occur over the course of 2021, the Company believes that opportunities exist for making cross-channel observations between online and in-store sales with regard to purchasing tendencies of smokers aged 21+ through a given channel. By enabling TAAT™ to enter new markets in the United States near-instantly through e-commerce, the Company believes it could penetrate the tobacco category in the United States even more rapidly.
To view Picture 2 accompanying this release please visit:
https://www.globenewswire.com/NewsRoom/AttachmentNg/8e527ff3-c0c3-48b3-8161-dafe77ba3181
Homepage rendering of TryTAAT (http://trytaat.com) set to go live at 9:00 am EST on Wednesday February 17, 2021, where the TAAT™ online store can be accessed by clicking “Shop” on the top menu bar
Readers using news aggregation services may be unable to view the media above. Please access SEDAR or the Investor Relations section of the Company’s website for a version of this press release containing all published media.
TAAT™ Chief Executive Officer Setti Coscarella commented, “Selling TAAT™ online can create a number of advantages for us in the USD $814 billion tobacco industry. Foremost, we will be able to benefit from an unprecedented market reach as soon as the online store launches, as opposed to having to set up distribution from scratch in each and every new market. Second, the online sales channel can provide us a much greater degree of insight into the tendencies and preferences of smokers aged 21+ who purchase TAAT™ directly from us. Additionally, by selling directly to our customer base we expect we will be able to maintain some very favourable profit margins. After a multi-hour outage of the TryTAAT landing page at the beginning of the month due to an influx of traffic, we have taken steps to ensure that the TAAT™ online store is set up to handle the volume of demand we are expecting from smokers aged 21+ in the United States starting on Wednesday. By combining our online sales with initiatives that are currently being led by CROSSMARK to place TAAT™ in convenience store points of sale across the country, I believe we are in a very good position to capture additional market share at a much faster rate.”
Daniel A. Pasco, Chief Executive Officer of Adfuel Media Inc., the digital marketing agency leading the development of the Company’s e-commerce portal commented, “Creating the TAAT™ online store was a tremendous, but extremely rewarding project. We have carried out many of the Company’s digital and online activities, and it has been a magnificent experience to learn about the tobacco category and its various nuances as we have built our relationship with TAAT™ starting in 2020. Our entire team has thoroughly enjoyed working with Setti Coscarella, Tim Corkum, and other members of the TAAT™ group, and bringing this cutting-edge e-commerce solution to the finish line is an immensely satisfying victory for all of us. We could not be more excited for the TAAT™ e-commerce portal to launch at 9:00 am EST on Wednesday as we begin the next chapter of connecting smokers aged 21+ with TAAT™ through our innovative digital media solutions.”
Footnotes and Sources
1 - Because the legal status of TAAT™ can vary between jurisdictions, the Company can only accept and fulfil orders for TAAT™ made online with shipping addresses in jurisdictions that have been approved by the Company's legal counsel.
2 - https://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf
On behalf of the Board of Directors of the Company,
TAAT™ LIFESTYLE & WELLNESS LTD.
“Setti Coscarella”
Setti Coscarella, CEO and Director
For further information, please contact:
TAAT™ Investor Relations
1-833-TAAT-USA (1-833-822-8872)
investor@taatusa.com
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.
About TAAT™ Lifestyle & Wellness Ltd.
The Company has developed TAAT™, which is a tobacco-free and nicotine-free alternative to traditional cigarettes offered in "Original", "Smooth", and "Menthol" varieties. TAAT™'s base material is Beyond Tobacco™, a proprietary blend which undergoes a patent-pending refinement technique causing its scent and taste to resemble tobacco. Under executive leadership with "Big Tobacco" pedigree, TAAT™ was launched first in the United States in Q4 2020 as the Company seeks to position itself in the $814 billion1 global tobacco industry.
For more information, please visit http://taatglobal.com.
References
1 British American Tobacco - The Global Market
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur, or be achieved. Forward-looking information in this news release includes statements regarding the potential launch of Beyond Tobacco™, in addition to the following: Launch of the TAAT™ online store as described in the release, potential future availability of TAAT™ in certain jurisdictions of the United States. The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes to the growth and size of the tobacco markets; and (iii) other factors beyond the control of the Company. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
The statements in this news release have not been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking the Company’s products will vary from person to person. No claims or guarantees can be made as to the effects of the Company’s products on an individual’s health and well-being. The Company’s products are not intended to diagnose, treat, cure, or prevent any disease.
This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by the Company with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with the Company is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.
Statement Regarding Third-Party Investor Relations Firms
Disclosures relating to investor relations firms retained by TAAT™ Lifestyle & Wellness Ltd. can be found under the Company's profile on http://sedar.com.
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